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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Bates paid in $3K to pension fund, could collect $65K in retirement

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Former state university employee Nicole Bates, who retired in June 2016, saved $2,956 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bates would collect as much as $65,397, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bates received $1,374 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bates will have already received $4,246 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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